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| Pak defense budget to be hiked by Rs 3,000 cr: report | | |
ISLAMABAD, MAY 30
Pakistan is set to increase its defense budget for the next fiscal year by Rs 3,000 crore, a news report has said.
Pakistan has decided to increase its defense budget for 2007-08 by Rs 3,000 crore, sources told the Online News agency, adding that Defense Ministry has sent its recommendations to the Finance Ministry for a Rs 30,000 crore budget.
During the current year, the defense budget has been peged at Rs 250.2 billion, which is 2.8 percent of the GDP and keeping in view the rising GDP the budget is being increased, the report said.
Sources said the defense budget for the next fiscal year would be between Rs 277 to Rs 280 billion, which would be used to purchase equipment for the three armed forces that is undergoing massive modernisation process.
It is yet to be decided whether the amount for purchasing JF-17 thunder and F-16 fighter planes would be earmarked in the budget or a separate allocation would be made.
The decision in this regard would be made at a high-level meeting to be chaired by president and the prime minister on the eve of the budget announcement, sources said.
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